El Salvador ‘Buys the Dip,’ Acquires 420 Additional Bitcoin

El Salvador’s President Nayib Bukele said in a series of tweets, “It was a long wait, but worth it. We just bought the dip!”

Oct 28, 2021 at 12:00 p.m. UTC
Updated Oct 28, 2021 at 1:28 p.m. UTC

The government of El Salvador bought 420 more bitcoin ($25.6 million), President Bukele tweeted on Wednesday.

  • Bukele said in a series of tweets, “It was a long wait, but worth it. We just bought the dip!” He added that “We’re already making a profit of the bitcoin we just bought.”
  • Bitcoin is currently trading at $60,965 and dipped down to around $58,179 on Wednesday.
  • Bitcoin officially became legal tender in El Salvador in September, three months after the country’s legislature passed the Bitcoin Law.
  • El Salvador’s treasury now holds an estimated 1,120 bitcoin, according to a Reuters report.
  • “We have a trust fund accounted in USD, but the trust is funded by both USD and BTC. When the BTC part revalues in comparison to the accounting currency (USD), we are able to withdraw some USD and leave the trust with the same total,” President Bukele said in a tweet.
  • In September, Bukele said that the country is taking its first steps to harness massive natural power sources to mine bitcoin. He posted a short video of workers installing a shipping container full of cryptocurrency mining rigs at a geothermal power plant.

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Tanzeel Akhtar is a CoinDesk news reporter based in Europe.